Chicago Real Estate Law Attorney

Buying and selling real estate is often an exciting and enjoyable event in peopleís lives. It is also usually one of the most significant financial transactions that families and individuals make in their entire lives and the choices that are made now regarding real estate may have a very significant impact on personal finances for years to come. Therefore, it is important that those who are involved in these transactions be informed. A Chicago real estate law attorney such as Jay F. Fortier, P.C. are very familiar with the process and make sure that you are fully aware of every step so that you can make informed decisions. We will guide you along the way and suggest the best courses of action in an attempt to make the experience run as smoothly and as pleasantly as possible.

We also handle issues involving commercial real estate transactions, loan modification, property disputes with neighbors, easements, contract drafting, zoning issues, nuisance law and property rights and condemnation/eminent domain. However we do not handle environmental law issues that relate to property law and will refer you to specialized counsel should such issues arise during the course of your representation.

Real Estate Closing
The real estate closing is when a real estate contract is executed and title to property is conveyed to the buyer. There are many different costs, services and products that are associated with this transaction. The party that is responsible for paying these expenses often varies by agreement. Some expenses are almost always paid by one particular side of the transaction (buyer or seller) and some are paid based on varying agreements between the buyer and seller. The following are common costs paid at closing:

• Interest (paid by buyer to lender)
• Homeowner Association Dues
• Property taxes
• Property Insurance
• Mortgage Application Fees (paid by the buyer to the lender)
• Home Warranties
• Inspection Fees
• Appraisal Fees
• Points (pre-paid interest paid by the buyer)
• Brokerage Commission (paid by the seller)
• Survey Fee
• Document or Transaction Stamps or Taxes
• Recording Fees
• Title Costs (mainly for Title Search/Insurance)
• Attorney Fees

The key to keeping closing costs (and to keeping the costs of home ownership in general) down for buyers is to find a good mortgage lender with a decent rate of interest and few additional or hidden costs. Sellers can control much of their costs though the sales contract that they agree to. We have contacts and relationships with mortgage lenders and property and title insurance providers that can help you protect your investment and reduce cost. We only recommend quality providers who offer reasonable rates. We will advise you on how to minimize closing costs if possible.

Loan Modification
The realities of the current economic situation have created a loan modification industry boom. Unfortunately, many unscrupulous individuals and businesses are taking advantage of the vulnerability of homeowners in the current market for their own financial gain. Therefore, it is very important to make sure that whoever you hire to negotiate with your creditors and mortgage lenders is reputable. There are many signs or red flags that can indicate that your loan modification company is not legitimate. A high upfront fee with no clear refund policy, for example, is a major indicator. However, the most important rule of thumb to remember is to never sign your home over to someone claiming to be able to help you keep it.

Lawyers and law firms are a good choice for people seeking loan modification help because, in addition to being heavily regulated and held to a high professional standard, lawyers have the additional knowledge and skills to negotiate effectively with the lenders and to preserve all of your legal rights. Lawyers can also, unlike non-attorney loan modification companies, provide you with legal advice and may also be able to get the attention of lenders much more effectively. The Law Office of Jay F. Fortier, P.C. provides aggressive loan negotiation services. We use all of the tools legally available in order to provide the leverage necessary to successfully negotiate with the banks. Still, we are aware that a successful negotiation is not possible in all cases. In those cases we will provide you with a refund and also advise you as to your next best course of action. That could involve litigation (we will refer you to specialized counsel), a short sale (where the lender accepts the proceeds of the sale of your home in full satisfaction of your mortgage debt even though it is less than what you owe), a deed in lieu of foreclosure (where you turn over the deed to your home to the lender in order to avoid foreclosure and to fully satisfy your mortgage debt) or some other solution.

There are many factors involved in loan modification negotiations and every case is different. We would encourage everyone experiencing mortgage trouble to seek out a free consultation with us. However, the following people are most likely to be able to obtain a successful loan modification:

• Borrowers who are experiencing a special financial hardship such as the loss of a job or a serious illness
• Borrowers with adjustable rate mortgages that have adjusted higher
• Borrowers who have missed mortgage payments but could afford to pay at reduced rates of interest
• Borrowers who have been the victims of lender misconduct or violations of the Truth in Lending Act or the Real Estate Settlement Procedures Act
• Borrowers who owe more than their home is worth

Contact Chicago Real Estate Law Attorney

We charge a flat fee of $250.00 to represent you at a real estate closing. That is also our flat fee for contract drafting and for document preparation/review in cases where representation at closing is not required. We charge a flat fee of $2,500.00 for loan modification representation, of which $2,000 will be placed in a trust account and promptly refunded if we are unable to successfully modify your loan or even if we have to settle for a short sale or a deed in lieu of foreclosure (payment plans available). All other matters will be handled based upon a rate that we agree to with you after a free consultation.